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Captive Application-Final-12-10 doc

Captive Application-Final-12-10 doc 2025

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The document is an application form for establishing a captive insurance company in Oklahoma, detailing the required information such as company name, type, organization form, financial data, and service providers. It outlines the necessary documentation and fees needed for submission, along with sections for general information, financial information, and service provider details.

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Is captive insurance a good idea?

Captives can be a good idea because they might offer lower costs, docHub tax advantages, underwriting profits, and greater control over coverage and claims decisions.

What is Section 831 A of the IRS Code?

Section 831(a) of the Internal Revenue Code provides that taxes, computed as provided in 11, are imposed for each taxable year on the taxable income of each insurance company other than a life insurance company.

Is captive insurance the same as self insurance?

Captives are essentially a form of self-insurance whereby the insurer is owned wholly by the insured. They are typically established to meet the unique risk-management needs of the owners or members.

What is the difference between 831 A and 831 B captive?

The taxation of profits and the risks they cover are where the captive 831(a) and the 831(b) microcaptive can have a docHub difference. 831(a): Taxable at regular corporate rates. 831(b): 0% tax on underwriting profits for qualifying companies. 831(a): Typically used for large corporations.

What is 831 B captive insurance?

A micro-captive is a small captive insurance company that may be taxed under Internal Revenue Code 831(b), which provides that a captive qualifying to be taxed as a US insurance company may pay tax on investment income only in any year that its written premium is at or below the threshold for the applicable tax year,

What is an 831 B election?

Captive insurance companies formed under the 831(b) election are structured to provide both risk coverage and financial benefits for mid-market for business owners. In a typical captive arrangement, an operating company pays premiums to the captive.

Are captive insurance premiums tax deductible?

Captive insurance can have legitimate tax benefits for business owners. Premiums paid to a captive insurer can be tax-deductible if the arrangement meets certain risk-distribution standards. Thus, the business gets a current year write-off even though losses may never occur.

What are the different types of captive insurance?

Types of Captives. Captive insurers fall into two main groups. Pure captives: captive insurers that are 100 percent owned, directly or indirectly, by their insureds. Sponsored captives: captives owned and controlled by parties unrelated to the insured.

Captive Application-Final-12-10 doc 2025

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